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Red Sea Attacks' Impact on Suez Canal Revenue Can be Partly Absorbed, Says Egypt Finance Minister

A handout photo made available by the Suez Canal Authority shows the Greek-owned bulk carrier 'Zografia' at the Suez Shipyard Co. in Ismailia, Egypt, 22 January 2024. EPA/SUEZ CANAL AUTHORITY OFFICE
A handout photo made available by the Suez Canal Authority shows the Greek-owned bulk carrier 'Zografia' at the Suez Shipyard Co. in Ismailia, Egypt, 22 January 2024. EPA/SUEZ CANAL AUTHORITY OFFICE
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Red Sea Attacks' Impact on Suez Canal Revenue Can be Partly Absorbed, Says Egypt Finance Minister

A handout photo made available by the Suez Canal Authority shows the Greek-owned bulk carrier 'Zografia' at the Suez Shipyard Co. in Ismailia, Egypt, 22 January 2024. EPA/SUEZ CANAL AUTHORITY OFFICE
A handout photo made available by the Suez Canal Authority shows the Greek-owned bulk carrier 'Zografia' at the Suez Shipyard Co. in Ismailia, Egypt, 22 January 2024. EPA/SUEZ CANAL AUTHORITY OFFICE

Egypt's Finance Minister Mohamed Maait said part of the impact on Suez Canal revenue of the Red Sea attacks on vessels could be absorbed.

Maait explained that this would be possible thanks to previous growth which had been doing well before the incidents started.

He noted that the government was planning to rely more on the private sector in terms of project expenditure.

"If you look at (project spending) figures for the last 7 months, it has dropped by 10%," he told Reuters on the sidelines of the World Governments Summit in Dubai.

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Pakistan's Largest Airport Becomes Operational, Part of the Chinese Belt and Road Initiative

Passengers wait for their boarding in the state-run Pakistan International Airlines flight to Paris after the airline resumed direct flights to Europe after the EU lifted a four-year ban, at the Islamabad International Airport, in Islamabad, Pakistan, Friday, Jan. 10, 2025. (AP Photo)
Passengers wait for their boarding in the state-run Pakistan International Airlines flight to Paris after the airline resumed direct flights to Europe after the EU lifted a four-year ban, at the Islamabad International Airport, in Islamabad, Pakistan, Friday, Jan. 10, 2025. (AP Photo)
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Pakistan's Largest Airport Becomes Operational, Part of the Chinese Belt and Road Initiative

Passengers wait for their boarding in the state-run Pakistan International Airlines flight to Paris after the airline resumed direct flights to Europe after the EU lifted a four-year ban, at the Islamabad International Airport, in Islamabad, Pakistan, Friday, Jan. 10, 2025. (AP Photo)
Passengers wait for their boarding in the state-run Pakistan International Airlines flight to Paris after the airline resumed direct flights to Europe after the EU lifted a four-year ban, at the Islamabad International Airport, in Islamabad, Pakistan, Friday, Jan. 10, 2025. (AP Photo)

Pakistan’s largest airport, funded and built in the country's restive southwest by Beijin g, has become operational, officials said Monday.
Gwadar airport is in the province of Balochistan, which has for decades been the scene of an insurgency by separatists demanding autonomy or outright independence.
Pakistani Defense Minister, Khawaja Mohammad Asif, and Chinese officials were among those attending a ceremony at Gwadar airport and watched the arrival of the Pakistan International Airlines inaugural flight from the southern city of Karachi.
The ceremony came months after Chinese Premier Li Qiang and his Pakistani counterpart Shehbaz Sharif virtually inaugurated the airport, which has a capacity of handling 400,000 travelers annually.
Beijing has invested heavily in the coastal city of Gwadar. Besides the airport, which has an estimated cost of $230 million, China has also constructed a deep seaport in Pakistan as part of Chinese President Xi Jinping's Belt and Road Initiative to increase trade by building infrastructure around the world.
Work started on Gawdar airport in 2019. It was supposed to be operational last year but was delayed after a surge in attacks by militants and separatists on Chinese nationals working on projects in the province.
In televised remarks, Asif thanked China for building the airport and said the airport would play a key role in improving the country's economy, attracting international investment and bringing prosperity to Balochistan.
Ethnic Baloch, who accuse the Chinese and others of economic exploitation, oppose the project and other Chinese initiatives in the province.
The Ministry of Planning and Development stated that the airport can handle a combination of ATR 72, Airbus, (A-300), Boeing (B-737), and Boeing (B-747) for domestic and international routes.
Gwadar airport is the country’s largest in terms of area, spread over 4,300 acres of land, according to Pakistan’s civil aviation.